- Lacking new ideas, G7 to agree on ‘go-your-own-way’ approach (Reuters)
- Japan’s Aso tells G7 FX stability vital, no competitive devaluations (Reuters)
- Snubbed by West, Russia rolls out red carpet for Asian leaders (Reuters)
- The Fed Has Something to Prove to Wall Street (BBG)
- Trump’s Supreme Court list: all conservative, some provocative (Reuters)
- Nasdaq Raises Lawsuit Threat Over SEC’s IEX Speed-Bump Plan (WSJ)
- Credit-Card Debt Nears $1 Trillion as Banks Push Plastic (WSJ)
- Alberta’s Wildfires Couldn’t Have Come at a Worse Time for the Local Economy (BBG)
- Paris attack suspect refuses to speak at first French court hearing (Reuters)
- Dollar Divergence Trade Spurs Best Run Versus Yen Since August (BBG)
- Yahoo Suitors Expected to Bid $2 Billion to $3 Billion, Below Past Indications (WSJ)
- An American Magnate in Puerto Rico Is Confused by the Debt Talks (BBG)
- Lawsuit Claims Another Global Banking Hack (WSJ)
- Why the Original Maker of Heroin Wants to Sell Corn to Farmers (BBG)
- San Francisco police chief resigns under pressure after officer shooting (Reuters)
- Negative Rates Scorned by Japan’s Megabanks as Charts Turn Ugly (BBG)
Overnight Media Digest
WSJ
– Authorities trying to locate an EgyptAir plane that disappeared from radar Thursday were battling a lack of concrete evidence and conflicting reports to puzzle out what downed the plane. (http://on.wsj.com/27GdUu1)
– Bayer AG ‘s offer to buy Monsanto Co, on the heels of two other giant agricultural deals, would put a significant share of the corn-seed and pesticide market in the hands of just three companies, raising concerns among U.S. farmers and legislators about more expensive products and fewer choices. (http://on.wsj.com/27Ge4l1)
– Verizon Communications Inc and others are expected to bid around $2 billion to $3 billion in the auction for Yahoo Inc’s core business, less than what the troubled Internet pioneer was expected to fetch, according to people familiar with the matter. (http://on.wsj.com/27Ge8RN)
– Deutsche Bank AG is investigating a series of trades that may have improperly generated millions of dollars in personal profits, some at the bank’s expense, for a handful of current and former employees, according to people familiar with the matter. (http://on.wsj.com/27Ge58I)
FT
* Deutsche Bank drew scathing criticism from shareholders on Thursday over its dramatic share price decline, costly legal wrangles and public squabbling among its directors.
* An EgyptAir jet carrying 66 passengers and crew from Paris to Cairo disappeared from radar over the Mediterranean on Thursday in what Egypt said could have been a terrorist attack.
* U.S. authorities on Thursday charged a former chairman of Dean Foods Co and a professional Las Vegas gambler with engaging in an insider trading scheme that netted more than $40 million and included a tip that benefited professional golfer Phil Mickelson.
NYT
– General Mills Inc is quietly establishing itself in venture capital, investing in some of new food companies. Its latest investment is $18 million in Kite Hill. (http://nyti.ms/27Gesjp)
– Oracle Corp said Alphabet Inc’s Google uses copyrighted material in 11,000 of its 13 million lines of software code in Android, and wants $9 billion from Google. Google says it made fair use of that code and owes nothing. (http://nyti.ms/22hNQkZ)
– Wal Mart Stores Inc said its quarterly revenue rose 0.9 percent, which exceeded forecasts and signaled that its strategies to combat a tough retail environment were working. (http://nyti.ms/22hNZVt)
Canada
THE GLOBE AND MAIL
** The National Energy Board of Canada has conditionally recommended the C$6.8-billion ($5.19 billion) Trans Mountain oil pipeline expansion project, a controversial ruling praised by industry and panned by environmentalists.(http://bit.ly/1RbIPCm)
** Bombardier Inc is lightening the workload on its passenger rail-car plant in Thunder Bay in an attempt to speed up delivery on a problem-plagued contract for new streetcars in Toronto. The company confirmed on Thursday that it will shift production on one of four contracts the plant is currently executing to another facility in Kingston. (http://bit.ly/1NBBtNZ)
** Two Canadians were among 66 passengers and crew killed when a Cairo-bound EgyptAir flight crashed into the eastern Mediterranean early Thursday on an overnight flight from Paris. (http://bit.ly/1To3Dc7)
NATIONAL POST
** The incoming CEO of the CPPIB Mark Machin says there will be no change in strategic direction when he takes over from Mark Wiseman who is leaving after just four years at the helm. Machin will be the first non-Canadian to lead the organization that invest funds not needed to pay current Canada Pension Plan benefits. (http://bit.ly/1WGeuUC)
** The Canadian National Revenue Minister Diane Lebouthillier told lawmakers on Thursday that the government’s position on tax evasion is unequivocal. The fallout from revelations contained in the so-called Panama Papers, has forced the government to do more to fight illegal means used by tax cheats. (http://bit.ly/1To6ouf)
** Prime Minister Justin Trudeau apologized “unreservedly” on Thursday for his “poor choices” the day before, as the government retreated from plans to give cabinet unprecedented power over the House of Commons.(http://bit.ly/1Tu18bO)
Britain
The Times
Phil Mickelson, the American golfer, made nearly $1 million buying stock based on insider trading tips, U.S. federal securities regulators alleged yesterday. (http://bit.ly/1qxp0zI)
Rolls-Royce is under investigation for bribery and corruption on a third continent. The Serious Fraud Office is understood to be investigating the engineering group over trade with Nigeria. (http://bit.ly/27FvNsI)
The Guardian
The race to acquire BHS has entered its final stages with Matalan tycoon John Hargreaves understood to have offered somewhere between 60 million pounds and 75 million pounds to acquire the stricken retailer. (http://bit.ly/1qxp6qW)
David Cameron has moved to quell a rebellion by Conservative Eurosceptics over a controversial trade deal between the EU and U.S., after he faced the first government defeat on a Queen’s speech since 1924. (http://bit.ly/1qxpaqJ)
The Telegraph
The Bank of England must stand ready to slash interest rates towards zero if the economy does not bounce back quickly from its current malaise, according to a top official. (http://bit.ly/1qxq06J)
Sky News
Tobacco companies have lost their High Court challenge over government plain packaging rules, the day before they are due to come into force on Friday. (http://bit.ly/1qxpINc)
Cinven, the private equity firm, is in the early stages of evaluating an approach to the board of Restaurant Group, which has seen its shares plunge by more than half during the last 12 months. (http://bit.ly/1qxpBkU)
The Independent
Monsanto, the world’s largest seed maker with a market value of $42 billion, said it received an unsolicited takeover approach from Germany’s Bayer, the latest step in the consolidation of the global seed and crop chemical industry. (http://ind.pn/1qxq06K)
Thousands would be wiped off house prices and rent if the UK voted to leave the EU in a referendum to be held on June 23, estate agents and letting agents have said. (http://ind.pn/1qxpTIp)
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